ISM: Manufacturing (CONT’D FROM PAGE 1 )
the spring, the pace of new orders remains 3.2 percent below the pre-pandemic pace. New orders for core capital goods—a proxy for capital spending in the U.S. economy—rose 0.8 percent to $70.1 billion in October, a new record. Encouragingly, core capi- tal goods orders have risen a very robust 5.9 percent over the past 12 months. Manufacturing added 27,000 workers in November, rising for the seventh straight month. Employment in the sector remains well below its pre-COVID-19 pace, down by 599,000 in November relative to the level in February. The current outlook is for 12,250,000 employees in the manufacturing sector at year’s end. Outside of manufacturing, overall job growth eased in November. However, the unemployment rate dropped to 6.7 percent, as labor force participation declined once again. Overall, the labor market remains challenged with millions of Americans out of work. The so-called “real unemployment rate”—a term that refers to those marginally attached to the workforce, in- cluding discouraged workers and the underemployed— declined from 12.1 percent to 12.0 percent. The percentage of the unemployed suggesting that they lost their job permanently ticked up from 3,684,000 in October to 3,743,000 in November, just shy of Septem- ber’s pace (3,756,000), the highest since May 2013.
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Robyn Smith at 910-553-4055 /rsmith@nvpublications.com Len Prazych at 518-366-9017 / lprazych@nvpublications.com
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December 14, 2020
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